The President of the Federal Reserve Bank of the United States hit a financial growth bell ( ) , expressing concern in case of maintaining interest rates at very high levels for a very long time. The leader of the Fed said the economy remains strong, as did the labour market, despite a recent slowdown. Powell referred to a relaxation of inflation, which he said policy makers remain determined to reduce it to their 2% target. “At the same time, in the light of the progress made in both reducing inflation and slowing down the labour market over the last two years, increased inflation is not the only risk we face,” he refers to a draft speech he is preparing in view of his two-day statement in the Capitol. “Reduction of restrictive policy too late or too little could unduly weaken economic activity and employment”. The central banker’s comment almost coincides with the upcoming one year anniversary since the last time the Fed increased the reference rates. Fed’s overnight loan rate is currently between 5.25%-5, 50%, the highest level for about 23 years as a product of 11 successive increases, since inflation has reached the highest level since the early 1980s. The markets expect that the Fed will begin to reduce interest rates in September and will likely follow another one quarter of the percentage point by the end of the year. However, FOMC members at the June meeting indicated only one reduction. “After the lack of progress towards our 2% inflation target early this year, the most recent monthly measurements showed moderate further progress,” Powell said. “More good evidence would strengthen our belief that inflation is moving steadily towards 2%”. The statement is part of the six-month monetary policy updates imposed by Congress. After the remarks were made, Powell would face questions from members of the Senate Banking Committee on Tuesday and then from the House of Representatives Financial Services Committee on Wednesday.